Source: RE/MAX Newsletter

After years of careful planning, searching, and saving to buy a home, it’s normal to take pride in your home. However, that doesn’t mean you plan to stay in the same place forever, and you can’t control who your neighbors are and whether or not they maintain their home. If you’re getting ready to list your home and the condition of your neighbor’s home is negatively impacting your own home value, here are some steps you can take.

Talk to your neighbors.

Your neighbor may want to improve their home’s exterior but may not have the time, tools, or know-how necessary to accomplish their tasks. Consider offering your neighbor your lawn mower, ladder, or some of your time to help them.

Consult your HOA.

If your neighborhood has a homeowners association, there are most likely covenants and restrictions which dictate acceptable standards for the exterior of your neighbor’s home. If you suspect your neighbor is in violation of these standards and don’t want to be the person to alert them, notify your HOA.

Speak to housing code enforcement.

Even if your neighborhood doesn’t have a HOA, if your neighbor has an overgrown lawn or abundant yard debris, they may be violating local housing codes. Contact housing code enforcement to see what guidelines are being abused and what steps can be taken to address problems with your neighbor’s house/yard.

Selling your home when you live next to difficult neighbors can add to an already stressful process. However, the final results will be worth it. Once you’re ready to start looking for your next home, I can help you identify bad-neighbor warning signs to help you avoid a similar situation in the future.

Source: https://www.remonline.com/why-everyone-should-have-a-will/

Scene one: After you die, if you’ve done everything right, your family will sit around the living room looking at pictures and talk about love and family.

Scene two: Your family will gather in a court room to battle it out over their inheritance.

Which scenario? The choice is yours, says lawyer Les Kotzer of Fish & Associates of Toronto. (He provides the following information based on Ontario law. Because laws vary from province to province, he recommends speaking to a wills and estate lawyer in your jurisdiction.)

Kotzer, a wills lawyer since 1989, has seen it all and says he knows how to avoid the family fight. There are lots of points to consider. Even parents who divide their assets equally between their heirs can be unintentionally setting the scene for sibling spats.

Drafting a will that divides assets equally sounds good, but if you have given more money to one child in your lifetime (such as help with university, a wedding or purchase of a house) it may be seen as unfair because one child has already received more than their sibling or siblings. Or if one child was the caregiver, giving up their life to look after a parent, is it right that the siblings who never helped out get the same amount, Kotzer asks.

And if that child/caregiver lives in the house but it’s left to be divided between three children, if two want to sell, the caregiver may be left without a place to live.

“Don’t assume the kids will work it out,” he says. “You decide. And don’t assume goodwill.”

Assumptions can create trouble. Don’t, for example, assume your eldest child should be the executor. If there are two children, make both executors and they will have to work together. If there are three executors, majority rules.

Personal items, such as jewelry, can also ignite fights. Kotzer says he and associate Barry Fish returned to their office one day to find a woman in their parking lot. “She was waving around a crystal vase and screaming that the vase belonged to her and not the estate because she bought it,” Kotzer says. When he and Fish, who were handling the estate, explained that it was part of the estate because it wasn’t specifically listed in the will, she smashed it so no one could have it.

The best way to avoid such problems is to “give personal effects in your lifetime,” he says. You could list specific items in the will, but there is even danger in doing that.

Kotzer says it’s best not to include a list of items in a will. “If your will says you leave your house on Yonge Street to your son Bill, but your will was not updated when that house was sold and a new one purchased, Bill won’t get anything because you no longer own the Yonge Street house” and the will didn’t provide for him to inherit the new house, Kotzer says.

If something is listed in the will but is no longer owned, that person will get nothing.

Here’s another Kotzer tip: it’s best not to make your children partners in an asset like a cottage or second house.

One woman left her Arizona condo equally to her two children. Kotzer says one was a slob and one was a neat freak. After many arguments, the neat freak got fed up and threw out the slob’s possessions. The slob then tossed out his neat sibling’s belongings. “It was a war zone,” he says, adding that this situation often arises when the family cottage is left to share. One may not want to pay for repairs.

Another important consideration when it comes to wills is assets that have named beneficiaries, for example life insurance policies or RRSPs. “The bank overrides the will,” Kotzer says. So if one child is listed as a beneficiary, that is who will get the asset. Because it’s not part of the will, that beneficiary is not required to share.

“Seeds of destruction are planted by the parents if they leave it up to one to share with the other,” he says.

When it comes to second marriages, even more care needs to be taken to have a proper will drawn up. “Second marriages are a potential landmine,” Kotzer says.

Marriage revokes a will, so when you get married, get a new will to ensure your assets, and those of your heirs, will be divided as intended. You don’t want your second spouse to cut out the children from your first marriage, for example.

Another way to protect your adult children is to include a family law clause in case they get separated or divorced. This will ensure that a son-in-law or daughter-in-law will not benefit from what you leave your children.

Keep your will up to date. If you prepared your will when your children were young and they’re now adults, you may want to make them executors.

A basic will can cost between $500 to $1,000, which may seem expensive. But it’s worthwhile to have it done by a professional to avoid legal problems and family feuds after your passing. “A will is a living and breathing document,” Kotzer says. It needs to be updated when family situations change (such as a birth of subsequent children and grandchildren, when the children are grown, change in marital status or death). And having no will means the government steps in and makes decisions on your behalf.

A will is also of utmost importance for parents of young children because wills include guardians. Should you and your spouse die, having a named guardian will avoid fights between grandparents or others for custody of your children.

It’s also best to name your blood relative as guardian, not your relative and their spouse because if they were to get divorced, there may be a custody battle.

Everyone, regardless of age or marital status, needs a will in order to ensure their assets go to the people they choose. Without a will, the government has rules about who gets what.

Source: https://www.real estate professional.ca/blog/postpage/10978/1363/top-considerations-when-putting-an-exercise-room-in-your-home

As we approach the New Year, it’s as good a time as any to start making positive lifestyle changes and more health-conscious choices. It’s a time when well-intentioned people flood the nearest gym, fully intending to commit to a healthier routine year-round, only to abandon their fitness goals by Easter.

What better way to kick your fitness regime into high gear than from the comfort of your home? With an at-home gym, you never have to pack a bag, there’s no need to account for travel time and, best of all, you can blast your music sans headphones! Instead of looking up gyms and fitness centres nearest you, claim some space in your own home to dedicate to health and exercise. 

So you’re motivated. But where do you start? 

Amanda Hamilton, an internationally-known interior designer based in Calgary, Alberta, says most of the time, people automatically think of putting exercise rooms in basements but that may not be the wisest decision. Basement rooms can often be unattractive, they get the least amount of light and they’re sort of depressing spaces to go into. Plus, when something is out of sight, it’s also out of mind. 

“For most people it’s a matter of convenience. We’re all very busy. If you create a gym in your home and it’s in front of you all the time, it’s going to be easier for you to use the equipment and you’re going to build better habits,” says Hamilton.

When designing and building your home gym, the possibilities are endless but there are a few things to keep in mind.

Layout

The first thing to consider is the layout of the room. Ask yourself what type of equipment you are going to have and how it will be placed in the room for efficiency sake, as well as ease of movement (for example, an elliptical machine might not work in a room with a low ceiling). It’s also common for people to centre their equipment around a television so they can pass time while they are sweating it out, so you’ll want to consider your options for placement of electronics relative to equipment.

Flooring

Flooring is an equally-important consideration. The wrong flooring can lead to injuries like slips and falls and even cause chronic joint pain. The right flooring, on the other hand, can help increase stability, reduce body impact and reduce the noise escaping your workout space. From rubber and foam to artificial turf, there are a number of flooring surfaces that will make your gym more fitness-friendly.

“We generally try to use an actual rubber gym flooring, especially if people are doing weights. If they’re dropping weights, a rubber floor helps prevent some of the noise and it can also help protect your floor from damage,” says Hamilton.

Lighting

Training in a brightly-lit environment is a game changer! Nothing beats natural light, but sometimes there’s not enough to go around. If natural light is limited, use LED lighting when possible as it’s often the most cost effective and can come close to replicating actual sunlight. Mirrors are not only helpful for providing feedback on your form during exercises, but they can help make a space appear larger (and brighter) than it actually is.

Storage

An essential component of any at-home gym is storage. Using a pegboard to hang resistance bands, jump ropes and ear phones not only keeps them off the ground and out of the way, but it also keeps them from tangling (“I love untangling knots,” said no one ever). Heavier items such as kettlebells and weights can be stowed away on a rack, in cubbies or an ottoman, which can also double as a workout bench. 

Power 

No gym is complete without a power source. It is recommended to have your cardio machines and other workout gear plugged directly into the wall outlet or surge protector and not run through extension cords.

Budget

Getting into shape doesn’t have to mean spending a lot of money. Knowing your workout goals can help you budget both your money and your space. Gym equipment can range from affordable to thousands of dollars. To keep costs low, start by purchasing a few of the basics: a flat bench, yoga mat, free weights, jump rope, kettlebells and resistance bands – and then add new items one at a time. Before opting to go with new equipment, consider scouring garage sales and secondhand shops or sites, first. Sometimes you can find great deals and equipment that’s barely been used.

Tunes

An efficient and invigorating workout needs a great soundtrack. While you can get your groove on using your smartphone and headphones, consider investing in portable or smart solutions you can bring with you to your gym when you need them. 

Source: https://www.remonline.com/owning-a-home-is-a-pipedream-for-many-millennials-says-kpmg-poll/

Soaring house prices and rising personal debt are making it impossible for many millennials, even those with good paying jobs, to ever afford a home, says a new poll commissioned by KPMG in Canada.

While almost three-quarters of millennials say their goal is to own a home, almost half say home ownership is a pipedream, the poll says. It surveyed 2,500 Canadians, including 1,000 millennials between the ages of 23 and 38 who now represent the largest population generation in the country.

“The combination of rising house prices, high levels of personal debt and annual incomes that are just a fraction of the cost of buying a home compared with their parents’ generation is pushing the dream of home ownership out of reach for many millennials,” says Martin Joyce, a partner at KPMG. “This is particularly challenging in the markets of Vancouver and Toronto.”

The poll found that 72 per cent of millennials say their goal is to own a home, but 46 per cent say owning a home is a pipedream. An equal number, 46 per cent of millennial homeowners, received a financial boost from their parents in order to buy a home. The poll found 38 per cent believe their house won’t be worth as much in the future.

KMPG says that as the most educated generation, millennials have incurred high levels of student debt and those who have been able to enter the housing market have taken on larger mortgages relative to their incomes than those who came before them, according to Statistics Canada. While millennials have higher incomes than previous cohorts, in part because of their higher educations, they are not necessarily better off, KMPG says.

Household debt has been on an upward trend for the past 30 years and recently reached record highs, making home ownership even more unaffordable, especially in tight markets. Whereas the average debt-to-disposable income ratio in Canada was almost 87 per cent in 1990, it was more than 175 per cent at the end of 2018 – a trend that has caused the Bank of Canada to raise alarms about the country’s economic vulnerability, says KMPG.

Debt-to-income ratio is a key financial indicator and, for young millennials, that now stands at 216 per cent, far exceeding the 125 per cent for Gen-Xers and 80 per cent for baby boomers at the same age – primarily because of mortgage debt. Wage growth has also been slower than expected, the Bank of Canada says.

While millennials have proven to be willing to incur higher levels of debt to attain home ownership, they are less optimistic about the payoffs, the KPMG poll finds.

Millennials now take an average of 13 years to save for a 20 per cent down payment, while it took their parents just about five years in 1976, according to a Canada Mortgage and Housing Corp. report.

“That’s eight fewer years that millennials might have for saving more for their retirement,” Joyce says. “If they do manage to save up and buy a house now and delay retirement savings, our poll finds 65 per cent of millennials fear they won’t have enough saved for retirement.”

A majority of all the generations surveyed in the KPMG poll wants Ottawa to take action such as:

• make housing more affordable;
• make it easier to use RRSPs for down payments;
• raise TFSA limits; and,
• implement a new registered savings system, like RESPs for education savings, to make housing more affordable.

“It seems pretty clear that millennials are in a unique situation in terms of their ability to purchase a home – which has historically been a foundation for retirement stability – and most Canadians agree that the government has a role to play in making it a more achievable dream for many of them,” Joyce says. “It’s time to have a national conversation.”

Source: https://www.remonline.com/an-estate-sale-can-take-time/

Selling a family home after a parent dies can be an emotional and stressful time. Some heirs may be in a hurry to dispose of the property and move on. However, selling a property owned by an estate isn’t a quick or easy process, says lawyer Barry Fish of Fish and Associates in Thornhill, Ont., who has been practicing real estate and estate law since 1973. “You’re not going to list the home the next day,” he says.

Fish provides the following general advice based on Ontario estate and real estate law. It’s important to note that laws vary in different parts of the country, so ensure your client hires a lawyer who has experience in your province. Estate law is intricate, so you need to find an experienced lawyer to help you manoeuvre through the system, Fish says.

Assuming there’s a will, as soon as the death certificate is issued, he says, the power goes to the executor. The first thing the executor must do is determine what the assets are – the value of the property and “other stuff” such as bank accounts and investments.

This is when the executor will contact a real estate agent for an appraisal. Fish says as their agent, it’s important that you have experience in handling estate sales, or at the very least, that someone in your office has the necessary experience.

The executor will provide the appraisal and other financial information to the lawyer, who will prepare the application for probate. The time between filing for probate to the granting of probate can vary greatly, from a few weeks to six months or more, depending on the backlog. Some jurisdictions are quicker than others. (It depends on the jurisdiction where the deceased lived, not the location of the property.)

An experienced lawyer will save time, because, Fish says, the courts are picky and probate forms that are filled out incorrectly will be returned, which causes further delays.

While waiting for the granting of probate, the executor must tend to the property, ensuring the insurance is in good standing and bills are paid, Fish says. An oversight in paying utility bills, for example, could result in burst pipes and water damage if the heat is turned off in winter.

While waiting for the application for probate to be granted, the time should be spent wisely. This is the perfect time to speak to your client and come up with a plan to determine the best time to list the property for sale. Often it is 90 or 120 days before probate is expected.

Fish says properties can be listed any time during probate, but the listing agent should be aware of the delay due to probate.

Source: RE/MAX Monthly Newsletter

Whether you’re getting ready to sell your home or just want to make the place you live an oasis, these minor remodeling projects will increase your home value!

Landscaping

Your home’s curb appeal is the first thing visitors see when they get to your home. You can make a strong, positive first impression with some smart landscaping. Consider a variety of plants that reach their peak in each of the four seasons so your yard always looks incredible.

Replace Your Front Door

The front door is one of the first things visitors see. Replacing the door can give your home a more modern, updated, and clean feeling. When choosing your new door, keep the rest of the home’s color and style in mind. Investing in a steel door will provide you with unbeatable durability.

Updated Color Schemes

Paint fades over time and popular color schemes change. Today, neutral tones like beige and grey are popular options throughout the home. Whether you do it yourself or hire a professional, painting your home is a great way to improve the atmosphere of your home.

Remodel Your Fireplace

Highlighting a home feature as iconic as a fireplace can make a dramatic improvement in your home. Some popular remodeling options are replacing outdated brick with modern, natural stone or expanding it to a floor-to-ceiling statement piece.

Add Crown Moulding

Crown moulding adds a touch of sophistication and class to your home. And, you may be surprised at how simple and affordable adding it can be. In addition to framing the rooms of your home, you can use it to highlight key features in your home such as the fireplace, breakfast nook, or bay windows.

Whether you’re planning to stay in your home for many years or getting ready to make a move, I’m here to help. Feel free to contact me with any real estate questions!